British food delivery firm Deliveroo said founder and CEO Will Shu will step down once its takeover by US rival DoorDash takes effect. US meal delivery firm DoorDash in May agreed to buy Deliveroo in a deal valuing the British rival at about £2.9 billion ($3.96 billion), banking on their combined reach and local expertise to take on competition. "I have decided that now is the right time for me to step down," said Shu, who founded Deliveroo in 2013, alongside his childhood friend Greg Orlowski. ADVERTISEMENTFirst-Half ResultsIn August, the meal delivery company reported a ‘strong’ top-line performance in the first half of its financial year, with gross transaction value (GTV) and revenue up by 9%, in constant currency. Deliveroo incurred a loss of £19.2 million (€21.97 million) in the first half, compared to a profit of £1.3 million (€1.49 million) in the same period last year, due to costs associated with its acquisition by DoorDash.